REG-Quantum Blockchain Technologies Plc: Sipiem Court Hearing Update

Quantum Blockchain TechnologiesAnnouncement

28/05/2021 07:05

28 May 2021

Quantum Blockchain Technologies Plc
(“QBT” or “the Company”)

Sipiem Court Hearing Update

The Board of Quantum Blockchain Technologies (AIM: QBT) wishes to inform
shareholders that the latest hearing for Clear Leisure 2017’s (“CL17”)
legal action against Sipiem SpA’s (“Sipiem”) previous board and internal
audit committee (the "Claim") held at the Venice Court on 27 May, has been
temporarily suspended as a result of the verbal notification to the Judge, at
the opening of the hearing, that sadly one of the defendants has passed away.

CL17, as claimant, is now required as per the Italian code of civil procedure
to take a further procedural step, notifying the heirs of this late defendant
about the Claim, as well as re-notifying all other defendants, which will
result in a few months’ delay of the hearing planned to take place
yesterday.

However, the Company can inform shareholders that the independent expert has
valued the economic value of the possible damages suffered by Sipiem at an
amount of up to €7.8 million, subject to the Judge ruling that the conduct
of Sipiem’s former board and internal audit committee was unlawful.

Although the independent valuation of the possible damages (of an amount up to
€7.8 million) is lower than the Company’s valuation of €10.8 million,
the Company still regards this as a significant result for shareholders, as it
confirms the vast majority of the Company’s estimate of damages. Whilst the
delay is disappointing, the Company acknowledges the relevance of this key
procedural step and maintains a positive outlook on the result of the
litigation.

Finally, QBT wishes to clarify the next procedural steps of the civil trial:
*
CL17 will file a request with the Court for the restart of the legal
proceedings.
*
The Court will agree a first hearing to restart the proceedings and allow the
heirs of the defendant to agree to an appearance in court. At that hearing,
the Court will agree a second and final hearing.
*
At this final hearing, the parties shall define their claims and the Court
shall assign terms for the Conclusive Briefs.
*
Following this, each party’s legal counsel will have 80 days to file their
Conclusive Briefs to the Judge.
*
The Judge’s ruling is then expected within a 60-90 day time frame following
the conclusion of the Conclusive Briefs Period.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

-ends-

For further information please contact:

 Quantum Blockchain Technologies Plc Francesco Gardin, CEO and Executive Chairman  +39 335 296573        
 SP Angel Corporate Finance (Nominated Adviser & Broker) Jeff Keating              +44 (0)20 3470 0470   
 Leander (Financial PR) Christian Taylor-Wilkinson                                 +44 (0) 7795 168 157  

About Quantum Blockchain Technologies Plc

QBT (AIM: QBT) is an AIM listed investment company which has recently
realigned its strategic focus to technology related investments, with special
regard to Quantum computing, Blockchain, Cryptocurrencies and AI sectors.
 The Company has commenced an aggressive R&D and investment programme in the
dynamic world of Blockchain Technology, which includes cryptocurrency mining
and other advanced blockchain applications.

For further information, please
visit, www.quantumblockchaintechnologies.co.uk



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